This definition of the word "trickle" from Dictionary.com is the reality of trickle-down economics: Small, slow, and irregular economic benefits. There is a reason they don’t call it tsunami economics. If there are economic benefits beyond the tax cuts received by corporations, they are small, slow and irregular.

While some may herald the recent announcements of $1,000 bonuses by a few companies as proof of the effectiveness of trickle-down economics, they merely illustrated that massive corporate tax cuts result in a mere trickle of economic benefit for employees. Fifth Third Bancorp was among the companies announcing $1,000 bonuses for its employees after the passage of the recent tax bill. Rather than vindication for the proponents of trickle-down economics, upon further examination, it becomes painfully clear that the bonuses are just one more example of the significant gap between rhetoric and reality.

Prior to the passage of the tax bill, Speaker Paul Ryan’s website trumpeted a Council of Economic Advisers report claiming that, on average, the proposed corporate tax cuts would result in at least a $4,000 increase in wages. However, the bonuses are not a wage increase, rather a one-time payment. This is much different than receiving an actual increase in wages. Second, the bonuses are $1,000, not $4,000. What happened to the minimum $4,000 promised? Like a check that bounces, it seems the other $3,000 was without actual financial backing.

Now, some might say, “Fifth Third is giving $1,000 to more than 13,000 employees which is more than $13 million. That is very generous.” How does that compare to the estimated tax savings resulting from Fifth Third’s lower tax rate? It’s a relative trickle.

Using Fifth Third’s 2016 average quarterly effective tax rate of 27.5 percent, the recent tax bill’s new 21 percent tax rate, and Fifth Third’s 2016 net income of $1.5 billion, Fifth Third may save nearly $100 million in taxes. Said another way, Fifth Third’s after-tax profits may increase nearly $100 million while Fifth Third’s employees get $13 million in bonuses, less than 15 percent of the tax savings. One might say it’s a trickle. Again, this is for just one year, it is not even the wage increase promised. The chart below shows what trickle-down economics looks like in reality.

What will Fifth Third do next year when their tax rate is cut and they don’t need to give bonuses to reduce their tax bill? Will they still give out $1,000 bonuses? Or, was it a one-time event?

So, before you become enamored with a company giving $1,000 in bonuses consider the example of Fifth Third:

Fifth Third bonuses aren’t a wage increase, they are a one-time payment

The payment is $1,000, not the $4,000 the President’s Council of Economic Advisers promised

This represents less than 15% of Fifth Third’s estimated $100 million in tax savings

Some may say the economy will benefit greatly as corporations increase investment. While that would be nice, history shows that is more wishful thinking than reality. From 1986 to 2016, the effective corporate tax rate, the rate paid by corporations, decreased from an average of 31.5 percent in 1986 to 16.5 percent in 2016, a substantial drop. What happened to business investment during this timeframe? It essentially remained flat as a percentage of GDP.

Still, others are holding out for a tsunami hiring. Here again, if history is any guide, don’t hold your breath for that either. The mid-1980s expansion added jobs at a 2.1 percent annual pace while the current expansion has only seen an annual increase of 1.6 percent.

While trumpeted by some, recently announced company bonuses unwittingly placed the yawning gap between trickle-down economic rhetoric and reality on full display. Add to this the ineffectiveness of 30 years of tax cuts to stimulate little more than an increase in dividend payments, and we will likely once again find that the definition of the word trickle best describes the likely benefits of the recent tax bill – small, slow and irregular.

Chris Macke is the founder of Solutionomics, a think tank focused on developing solutions for a more efficient, merit-based corporate tax code. He has advised the U.S. Federal Reserve by providing market updates and implications of monetary policy changes on asset valuations and market distortions, and he's a contributor to the Fed Beige Book.